Quick Summary
Amendment of section 271FAA to comply with the Automatic Exchange of Information (AEOI) framework The existing provisions of the sub-section (1) of section 271FAA of the Act inter-alia, provide that if a person referred to in sub-section (1) of section 285BA of the Act, who is required to furnish a
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FAQ :
The amendment aims to enhance compliance with the Automatic Exchange of Information (AEOI) framework and clarify penalty provisions for inaccurate financial transaction reporting.
It addresses concerns that the existing penalty sanctions might not cover all cases of due diligence failures if the information provided wasn't ultimately incorrect.
Penalties will now be attracted for furnishing inaccurate information in a statement and for failing to comply with due diligence requirements.
Yes, Section 273B is proposed to be amended to allow for no penalty if the assessee can prove there was a reasonable cause for the failure.
These amendments will come into effect from 1st October 2024.
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